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Is OPEC Finally Ready to Freeze Oil Production?

Oil prices have been steadily increasing over the past few trading days, with the price per barrel of U.S. crude reaching $45.66 and the Brent crude international benchmark hitting $48.18 on Monday afternoon. The recent surge in oil comes as OPEC and other major producers have renewed talks over a production freeze.

Last week, OPEC announced plans for an unscheduled meeting in September to discuss production levels. Although not a member of OPEC, Russia also volunteered to join the meeting, which will be held on September 26 through September 28 in Algeria. The announcement of the meeting alone was enough to send oil prices soaring over 3% last Monday.

OPEC’s new meeting comes in the wake of several near-crises in oil producing countries. Venezuela is quickly running out of cash and facing a dangerous food shortage, while Saudi Arabia has been...


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